--- title: "Versus Systems | 10-K: FY2025 Revenue: USD 2.183 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/282897880.md" datetime: "2026-04-15T20:48:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282897880.md) - [en](https://longbridge.com/en/news/282897880.md) - [zh-HK](https://longbridge.com/zh-HK/news/282897880.md) --- # Versus Systems | 10-K: FY2025 Revenue: USD 2.183 M Revenue: As of FY2025, the actual value is USD 2.183 M. EPS: As of FY2025, the actual value is USD -0.37. EBIT: As of FY2025, the actual value is USD -2.161 M. #### Revenue Versus Systems Inc.’s total revenue increased significantly by 3,711% to $2,183,415 for the year ended December 31, 2025, compared to $57,288 for the year ended December 31, 2024, primarily driven by license revenue from ASPIS and professional services. #### Segmented Revenue - **Software Licensing**: $1,980,000 was recognized in 2025 from a functional license delivered to ASPIS Cyber Technologies, Inc. - **Professional Services**: Revenue from professional services was $176,000 in 2025, an increase from $0 in 2024. - **Advertising**: Revenue is also earned through advertising sales, recognized on a net basis upon achievement of performance criteria. #### Customer Concentration In 2025, ASPIS accounted for approximately 91% of Versus Systems Inc.’s revenue and 100% of its accounts receivable. The company had four active customers as of December 31, 2025, an increase from two active customers as of December 31, 2024. #### Cost of Revenues Cost of revenues decreased by 59% to $16,446 in 2025 from $40,277 in 2024, mainly due to reduced infrastructure needs. #### Gross Margin Gross margin saw a substantial increase of 12,639%, reaching $2,166,969 in 2025 compared to $17,011 in 2024. #### Operating Expenses - **Research and Development (R&D)**: R&D expenses decreased by 80% to $48,065 in 2025 from $246,019 in 2024, primarily due to staff reductions and lower software costs. - **Selling, General and Administrative (SG&A)**: SG&A expenses slightly decreased by 1% to $4,280,214 in 2025 from $4,310,218 in 2024, mainly due to a reduction in professional fees, though 2025 SG&A included misappropriated company funds. - **Total Operating Expenses**: Overall operating expenses decreased by 5% to $4,328,279 in 2025 from $4,556,237 in 2024. #### Operating Loss Operating loss improved by 52%, decreasing to -$2,161,310 in 2025 from -$4,539,226 in 2024, largely due to the increase in revenue. #### Other Income/(Expense) Other income was $18,173 in 2025, a 260% increase from an expense of -$11,384 in 2024, attributed to changes in foreign currency rates. #### Net Loss Net loss improved by 53%, decreasing to -$2,144,733 in 2025 from -$4,574,836 in 2024. #### Cash Flows - **Net cash used in operating activities**: Decreased to -$2,052,862 in 2025 from -$4,971,948 in 2024, mainly due to a lower net loss and reduced prepaid expenses, partially offset by increased stock-based compensation, higher accounts receivable, and increased accounts payable. - **Net cash used in investing activities**: Was -$609,000 in 2025, compared to $0 in 2024, due to investments in developed technology for new product offerings. - **Net cash provided by financing activities**: Was $0 in 2025, a decrease from $3,278,235 in 2024, reflecting less proceeds from common share issuance and warrant exercises. - **Cash and cash equivalents**: Decreased to $527,388 at the end of 2025 from $3,065,914 at the end of 2024. #### Unique Metrics - **Intangible Assets**: Versus Systems Inc. capitalized $609,000 in internally developed software during 2025, with no amortization recorded as development was incomplete. - **Stock-based compensation**: Recognized $430,428 in 2025, up from $160,865 in 2024. #### Outlook / Guidance Management believes that current resources and expected operating revenues may not be sufficient to fund planned activities for the next twelve months, raising substantial doubt about the company’s ability to continue as a going concern. Versus Systems Inc. is pursuing initiatives to improve cash flows, including seeking additional equity or debt financing and evaluating strategic alternatives like partnerships or asset sales. Material uncertainties remain until additional financing is secured or sustained positive cash flows are achieved, despite cost-optimization efforts and a focus on strategic partnerships and product licensing. ### Related Stocks - [VS.US](https://longbridge.com/en/quote/VS.US.md) ## Related News & Research - [Zucchi auditor switch delays 2024 accounts approval after BDO resignation](https://longbridge.com/en/news/294545364.md) - [QUICK SPARK: Palantir Stock Eyes Best Day Since February 2024, Here's Why](https://longbridge.com/en/news/294848324.md) - [Praxis Precision Medicines grants 7,318 RSUs to 29 new employees under 2024 inducement plan](https://longbridge.com/en/news/294862721.md) - [Vienna Planet Fund backs 36 climate projects with about EUR 4.7 million in grants, triggers EUR 17.5 million investment](https://longbridge.com/en/news/294967210.md) - [$5,000 in GE Vernova at its 2024 low would be worth this much now](https://longbridge.com/en/news/294586494.md)